Gains in big cap stocks push Zimbabwe Stock Exchange higher

The ZSE industrial index this week advanced 4.79 percent to 167.98  points, pushed by gains in heavyweight counters.

The mining index also gained 0.61 percent to close the week at 69.63 points.

Market capitalisation increased by 4.68 percent to $4.9 billion from $4.7 billion recorded in the previous week on gains recorded by both indices.

Total market turnover declined by 38.7 percent to $2.9 million this week from $4.7 million recorded in the previous week.

Delta and Econet gained 2.62 percent and 16.67 percent to close at 98 cents and 35 cents respectively.

Hippo and Innscor picked up 16.11 percent and 11.98 percent to close at 52.25 cents and 60 cents in that order.

Old Mutual and Padenga marginally advanced 0.2 percent apiece to close at 377 cents and 21.25 cents respectively.

Leading the gainers pack were Meikles and Zimre after their share prices rose 26.9 percent and 16.47 percent respectively.

FBC, Starafrica and Axia  gained 13.21 percent, 9.09 percent and 7.41 percent in that order.

Additionally, OK Zimbabwe and FML advanced 7.41 percent and 6.53 percent while CFI added 3.31 percent in the week under review.

Losses were in Mashonaland and Dairibord, who dropped 10 percent and 1.4 percent to close at 1.8 cents and 5.62 cents respectively. 

Lafarge also lost 0.12 percent to trade at 39.95 cents in the week.

The gain recorded by the resource index was driven by Bindura and Hwange after their share prices rose by 1.69 percent and 0.86 percent to close at 3 cents and 2.35 cents respectively.

Riozim and Falcon remained unchanged at 55 cents and 1 cent respectively.

Foreigners remained net sellers in the week, disposing of shares worth $216 071 compared to buys of $215 153.- The Source

(65 VIEWS)